Unemployment in Nigeria: The Myths and Realities

Abstract

One of the current economic threats in Nigeria is unemployment. Reports
given by statistical authorities is not commensurable with the reality of
unemployment felt by the people. Therefore, this study reviews the case of
unemployment in Nigeria with the aim of unveiling what seem to be the
myths and in reality what is obtainable. Data needed for the study were
drawn from different records such as World Bank reports and other
information from other institutions’ data base and publications by different
scholars who have already undergone similar problems. Findings show that
retirees, underage and the employed who are not well paid are still searching
for new jobs on daily basis even when their names should not be found in the
category of unemployed. It further shows that some of the cases of
unemployment are related to government and leadership while some are
attributed to the unemployed individuals. It has been discovered that the
23.9% rate of unemployment is official while the real life situation rate is
quite threatening. Major causes of this menace include insecurity, poor
infrastructure, poor education, privatization, corruption, bank loan policies
etc. Hence, skill acquisition centres for the training of the teeming youths
who do not have sponsors to go to school; restructuring of education system
in Nigeria in such a way that graduates would also become self employed
through vocational training; and enforcement of private firms to pay their
workers at the approved Federal Government salary scale and promotion of
security on the job, so as to boost the interests of workers in the private
sector are among other recommendations made for this study.